Final salary pensions and care pensions v defined contributi
Discussion
Am looking round for new work not payrise more horizontal move everywhere I've looked are offering Jude defined contribution with employer max paying of ..5% wtf.
I'm on final salary which has now converted to CARE which is very good. I'm finding it hard to think about moving properly unless it's a big payrise as what your losing out on is so so big.
There are a number leaving my work currently due to redundancy (ad try are getting 4eeeks not worth it in my view as they would have jobs in a new structure) however they all seem so naive to the fact they are losing so much in future earnings.
I've tried so hard to get as many as possible signed up to CARE over not bothering but in general it seems they are not willing to invest 8% to access it as such take the cash now.
My old man banged on about pensions when I was a kid to the point that a higher pension was worth more than a higher base pay. Thankfully I took it on board and thankfully also my wife before I knew her had been brought up in the same way. However I feel sorry for those who cannot save due to high living costs or have commitments.
I might be sad but every month I recalculate what in today's money my guaranteed monthly pension will be - and yes im sad enough to have a personal cashflow forecast going forwards 30 years...
I'm on final salary which has now converted to CARE which is very good. I'm finding it hard to think about moving properly unless it's a big payrise as what your losing out on is so so big.
There are a number leaving my work currently due to redundancy (ad try are getting 4eeeks not worth it in my view as they would have jobs in a new structure) however they all seem so naive to the fact they are losing so much in future earnings.
I've tried so hard to get as many as possible signed up to CARE over not bothering but in general it seems they are not willing to invest 8% to access it as such take the cash now.
My old man banged on about pensions when I was a kid to the point that a higher pension was worth more than a higher base pay. Thankfully I took it on board and thankfully also my wife before I knew her had been brought up in the same way. However I feel sorry for those who cannot save due to high living costs or have commitments.
I might be sad but every month I recalculate what in today's money my guaranteed monthly pension will be - and yes im sad enough to have a personal cashflow forecast going forwards 30 years...
I've done that calculation and come to the conclusion that I may as well jump off the nearest high building and end it all now - because the harsh choice is to live a comfortable and enjoyable life now and be broke as a pensioner, or live on the poverty line now just to have a half reasonable chance in retirement.
But that's OK, because the bloody public sector workers are talking about striking over the pension plan I'm paying for on their behalf.
s, the lot of 'em.
But that's OK, because the bloody public sector workers are talking about striking over the pension plan I'm paying for on their behalf.

Welshbeef said:
Am looking round for new work not payrise more horizontal move everywhere I've looked are offering Jude defined contribution with employer max paying of ..5% wtf.
I'm on final salary which has now converted to CARE which is very good. I'm finding it hard to think about moving properly unless it's a big payrise as what your losing out on is so so big.
There are a number leaving my work currently due to redundancy (ad try are getting 4eeeks not worth it in my view as they would have jobs in a new structure) however they all seem so naive to the fact they are losing so much in future earnings.
I've tried so hard to get as many as possible signed up to CARE over not bothering but in general it seems they are not willing to invest 8% to access it as such take the cash now.
My old man banged on about pensions when I was a kid to the point that a higher pension was worth more than a higher base pay. Thankfully I took it on board and thankfully also my wife before I knew her had been brought up in the same way. However I feel sorry for those who cannot save due to high living costs or have commitments.
I might be sad but every month I recalculate what in today's money my guaranteed monthly pension will be - and yes im sad enough to have a personal cashflow forecast going forwards 30 years...
good man, sounds like you have a good ifa.I'm on final salary which has now converted to CARE which is very good. I'm finding it hard to think about moving properly unless it's a big payrise as what your losing out on is so so big.
There are a number leaving my work currently due to redundancy (ad try are getting 4eeeks not worth it in my view as they would have jobs in a new structure) however they all seem so naive to the fact they are losing so much in future earnings.
I've tried so hard to get as many as possible signed up to CARE over not bothering but in general it seems they are not willing to invest 8% to access it as such take the cash now.
My old man banged on about pensions when I was a kid to the point that a higher pension was worth more than a higher base pay. Thankfully I took it on board and thankfully also my wife before I knew her had been brought up in the same way. However I feel sorry for those who cannot save due to high living costs or have commitments.
I might be sad but every month I recalculate what in today's money my guaranteed monthly pension will be - and yes im sad enough to have a personal cashflow forecast going forwards 30 years...
ps, CARE schemes can actually be better than final salary schemes now.
think about it, if you got pension rights 3 years ago that have been going up with inflation that can be better than a final salary scheme as often people get no payrise at present

a care scheme can often be worth up to 20% of pay (if not more in current climate with low annuity rates, high inflation and falling stockmarkets)
well done welshbeef
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